A lot has happened in the crypto world. Talk of the volatility of the major cryptocurrencies, the collapse of the exchange platforms, and attempts to ban cryptos in different jurisdictions. If there is anything that has hit the crypto world hard is the recent collapse of FTX. The fall of FTX has been described as battering an already suffering market. For the last year, Bitcoin and other major cryptocurrencies have lost almost a third of their value.
However, in the midst of all this, there are some positive developments in the crypto sector. The partnership between sports and crypto is not just promoting the sports fraternity but also educating the masses about the benefits of cryptocurrencies. As pointed out by sports commentators the partnership between the two sectors is a win-win situation. Sports lovers, they can bet with bitcoins among other cryptocurrencies, and club members can use cryptos to pay their fees and even buy some products among other uses. In this article, we explore the win-win situation between sports and the crypto world.
Crypto sports partnerships
A recent report indicated a positive outlook for crypto sports partnerships. The report observed that this space will record growth as high as $ 5 billion in the next ten years. Forecasts put the growth in crypto sports deals to grow by more than 700% in the next five years. All this, according to analysts will be a result of sports fans getting interested in cryptocurrencies. For those who may be asking “is crypto dead” the answer is right here. It is going to be an interesting future where those with betting ideas will improve their sports betting strategy and cryptocurrencies will be at the center of it all.
Also read: How to Keep Your Crypto Safe
The importance of partnerships
Although there has been an increase in crypto sports sponsorships, we are still far from the full integration of both sectors. Crypto sports partnerships present a good opportunity where full integration can be realized. Talk of payment for sports merchandise and tickets using cryptocurrencies to payment of sportsmen and women’s salaries using bitcoins among other cryptos.
We may not have reached here, but analysts say that this is where we are headed especially with the stabilization of the currencies. One partnership that has been widely quoted in this space is between Alchemy Pay and Real Betis. These partnership analysts see it as a deal that will propel crypto use. Alchemy Pay is a payment gateway in the crypto space. It has partnered with Real Betis where it is allowing users to fund their accounts using cryptocurrencies. With this payment model, crypto payments in the future are a reality.
In another crypto–sports deal, the Dallas Mavericks, one of the top basketball clubs is already accepting the use of cryptocurrencies for payments. Users can get club merchandise and tickets using Bit Pay. The team has also entered into a deal with Voyager Digital, a publicly traded crypto platform.
Crypto.com is another blockchain-based company that has entered a sports sponsorship deal, this time for the biggest football event, the Qatar World Cup in 2022. FIFA agreed to a deal where the Singapore-based company was to be the exclusive platform for the Qatar event. While signing the deal, FIFA officials noted that Crypto.com had already shown commitment to supporting football and other sports activities around the world.
The blockchain-based company had already entered into a sponsorship deal with the NBA Philadelphia 76ers, Formula 1, and UFC. With these partnerships, Crypto.com will get wider coverage. NBA, Formula 1, Mixed Martial Arts as well as football happen to be some of the most watched activities. It means that more people will come to learn about Crypto.com as a company as well as other blockchain-based products.
Other cryptos that have entered into sports sponsorship deals include:
- CashBet Coin
What is in for the crypto world?
We have seen the benefits that sports clubs and other fraternities are enjoying in the partnership. How are cryptocurrencies benefiting from these deals? Some of the benefits that are derived from the sports deal include bringing more users courtesy of the adverts and promotions during the matches as well as the promotion of cryptos.
Bringing more users and promoting the cryptocurrencies.
Looking at the deals that sports clubs and teams have entered with cryptocurrencies, there has been a reported increase in the number of users. Crypto.com deals with basketball teams, UFC, Formula 1, and football tournament organizers brought the entity into the limelight. Now it is one of the most popular crypto exchange platforms. More people are using cryptocurrencies courtesy of the adverts that they saw during the major tournaments that were sponsored by various cryptos.
Sports fraternity and crypto space have gained from sponsorship deals. The sports fraternity now has a wide variety of options as far as payment for tickets and merchandise is concerned. Cryptos, on the other hand, have become popular and their usage has increased. It is a win-win situation for the parties involved.